Goyal sets $1 trillion export target for this year and $2 trillion in five years; exports at $863 billion
On 18 May 2026 Commerce Minister Piyush Goyal said India is targeting exports of $1 trillion this year and $2 trillion over five years, after exports reached $863 billion, nearly 5% higher than the previous year.
Summary
Commerce and Industry Minister Piyush Goyal said on 18 May 2026 that India has set a target of $1 trillion in exports this year and $2 trillion over the next five years. Speaking at the website launch of the Bharatiya Vyapar Mahotsav in New Delhi, Goyal said exports this year had reached $863 billion, nearly 5% higher than the previous year, with both goods and services rising. Goyal said India had worked over three and a half years on FTAs with nearly 38 developed countries, and that the Oman FTA may come into force from 1 June. Goyal also urged businesses to track import trends for import-substitution opportunities.
Key facts
- Target
- $1 trillion exports this year; $2 trillion in five years
- Exports reached
- $863 billion, nearly 5% higher than previous year
- FTAs
- With nearly 38 developed countries
- Oman FTA
- May come into force from 1 June
- Occasion
- Website launch of Bharatiya Vyapar Mahotsav, New Delhi, 18 May 2026
Practice MCQs 3 questions
What export target for this year did Commerce Minister Piyush Goyal announce on 18 May 2026?
Show answer
Correct answer: D — $1 trillion
Goyal said India has set a target of $1 trillion in exports this year and $2 trillion over five years. $863 billion is the export level already reached.
According to Piyush Goyal (May 2026), with which country's FTA may come into force from 1 June?
Show answer
Correct answer: A — Oman
Goyal said the Oman FTA may come into force from 1 June, with other finalised FTAs to follow.
As stated by Piyush Goyal on 18 May 2026, India's exports this year reached about how much?
Show answer
Correct answer: C — $863 billion
Goyal said exports this year reached $863 billion, nearly 5% higher than the previous year.